 "Tata motors")
Rating agency Fitch has downgraded Tata Motors Ltd’s Long-Term Issuer Default Rating (IDR) from “BB-” to 'B' on significantly lower profitability and cash flow expectations over the next few years. The Outlook is negative.
The agency said Covid-19 will impact demand and lead to disruption in Tata Motors' Indian operations. Key auto markets globally that are served through its fully owned UK-based subsidiary, Jaguar Land Rover Automotive plc, will also be impacted.
“We estimate that Tata Motors' consolidated EBITDA generation will drop by nearly 50 per cent year-on-year in the financial year ending March 2021 (FY21) and will remain below
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